Bill > HR3381

This bill expands the ability of companies to "test the waters" and submit confidential draft registration statements when preparing for a public offering, extending these provisions beyond just emerging growth companies to all issuers. Specifically, the bill allows any issuer (a company looking to sell securities) to engage in oral or written communications to gauge market interest before formally filing a public offering, with the Securities and Exchange Commission (SEC) given the authority to establish additional regulations. The bill also enables companies to confidentially submit draft registration statements to the SEC for review before public filing, with specific timelines depending on the type of offering: 10 days before the effective date for initial public offerings, 10 days before listing for initial security registrations, and 48 hours before the effective date for subsequent offerings. The SEC is required to submit a report to Congress before implementing any new regulations, ensuring transparency in the rulemaking process. These changes aim to provide more flexibility and reduce administrative burdens for companies seeking to go public, potentially making the public offering process more accessible and efficient.

Business and Industry, Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/house-bill/3381/all-info